Synovus Financial Corp. (NYSE:SNV) Receives $58.17 Average Target Price from Analysts

Synovus Financial Corp. (NYSE:SNV) has received a consensus rating of “Moderate Buy” from the eighteen analysts that are covering the firm, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $56.17.

A number of brokerages recently weighed in on SNV. Stephens decreased their price target on shares of Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating for the company in a research report on Monday. Raymond James lowered Synovus Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Royal Bank of Canada reduced their price target on Synovus Financial from $64.00 to $52.00 and set an “outperform” rating on the stock in a research report on Monday. Barclays lowered their price objective on shares of Synovus Financial from $66.00 to $60.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Finally, Morgan Stanley decreased their target price on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th.

Synovus Financial Stock Performance

Shares of NYSE:SNV opened at $40.19 on Thursday. The business has a 50-day moving average of $46.39 and a two-hundred day moving average of $50.76. The firm has a market capitalization of $5.67 billion, a PE ratio of 13.18, a P/E/G ratio of 1.11 and a beta of 1.16. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. Synovus Financial has a 12 month low of $34.66 and a 12 month high of $59.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, beating the consensus estimate of $1.11 by $0.19. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. As a group, research analysts forecast that Synovus Financial will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were paid a dividend of $0.39 per share. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 20th. This represents a $1.56 annualized dividend and a yield of 3.88%. Synovus Financial’s payout ratio is presently 43.70%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Proficio Capital Partners LLC bought a new position in Synovus Financial in the fourth quarter worth about $3,798,000. Nordea Investment Management AB raised its position in shares of Synovus Financial by 3.8% during the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock worth $14,261,000 after purchasing an additional 10,109 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of Synovus Financial in the 4th quarter worth approximately $1,504,000. SG Americas Securities LLC boosted its position in Synovus Financial by 11.0% during the 4th quarter. SG Americas Securities LLC now owns 12,547 shares of the bank’s stock valued at $643,000 after purchasing an additional 1,240 shares during the period. Finally, Janney Montgomery Scott LLC grew its stake in Synovus Financial by 4.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 51,357 shares of the bank’s stock worth $2,631,000 after buying an additional 2,166 shares during the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Company Profile

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company's commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.